Choose the right term insurance plan for yourself

Wednesday, April 15, 2020

Choose the right term insurance plan for yourself

Everyone prays for their family’s happiness and well-being. However, along with praying, you can secure the future of your financial dependents by choosing the right term insurance plan for yourself. In addition to earning for your family, you automatically develop the responsibility to insure yourselves and keep them protected even in your absence. 

No one can anticipate death but everyone needs to have a backup plan. That is what the term insurance policy is all about. Let us understand what term insurance is and take a look at some tips to choose the right term plan.

  1. Consider the value of your life
You need to remember how much your family depends on you. Your spouse, children and even your parents might be dependent on you staying healthy and bringing good money to the house. So, your term policy should be able to ensure that you enjoy a good livelihood. The insurance should cover the individual’s human life value. To make things simple, it includes the salary of the person and liabilities, like loans.

  1. The premiums to be paid
You might have heard that term insurance plans are the cheapest. However, this does not mean that you cannot find cheaper ones among the lot. You need to find term plans that have the lowest expenses. This means you would have lower premiums for the same insurance cover. You can also prefer the companies that have discounted premium rates. You can use a  term plan calculator to find the premiums.

  1. The ability to have enhanced cover
Certain insurers offer the flexibility to enhance the life cover during critical stages. An insurer can allow the policyholders to enhance the cover by 50% during marriage and by 25% while becoming a parent. It will allow the policyholders to start small and then increase the cover as the responsibilities increase.

  1. Having riders with the plan
The best term insurance plan covers every essential angle and riders help achieve this. A rider is like an add-on to the primary policy and provides benefits over and above the policy. The policyholder can attach these riders to the plan. Riders, including critical illness policy, accidental death benefit, or total and permanent disability, can be added to the term insurance plan.

  1. The convenience of the plan
You should choose a term insurance plan that is easy to access and does not necessitate you to take medical exams. Now there are plenty of insurers that will allow you to buy term plans online.

Follow these tips and rest assured to land up with the right term insurance plan.

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